The selling price on the Macy’s store in downtown Minneapolis was $59 million in cash.

Macy’s Inc. said Wednesday it completed the sale to 601W Cos., a New York real estate investment firm. The longtime department store location on Nicollet Mall will be redeveloped into office and retail space after it closes this month.

“As a part of our overall real estate strategy, Macy’s has been investigating the best possible use for this property, especially given the large amount of unproductive and unused space on the upper floors,” said Jeff Kantor, Macy’s chief stores officer, in a statement. “We have talked with a wide variety of partners in pursuit of a plan that would create the most value for the company and the community, and are pleased that the new owner intends to invest substantial capital to repurpose the building.”

The store’s closure in late March will signal the end to more than a century-long history of department stores at the site at 700 Nicollet Mall that many Minnesotans still nostalgically remember from its time as a Dayton’s department store.

The property was rebranded as Marshall Field’s in 2001 and Macy’s in 2006.

Other recent sales in downtown Minneapolis

• City Center, $315 million

• Ameriprise Financial Center, $200 million

• Hilton Minneapolis, $143 million

• Plaza Seven, $82 million

• Marquette Hotel at the IDS Center, $74.5 million

Currently, Macy’s has been using only about half of the 1 million square feet of the three buildings that make up the property.

601W Cos. has not provided details about the renovations of the store though it has met with city representatives. The complex reportedly has significant asbestos issues that would need to be remediated before construction could begin.

According to Macy’s, initial plans call for the street and skyway levels of the complex to be redeveloped for retail space and for the uppers floors to consist of creative office space.

After news of the impending sale to 601W, competing buyer City Center Realty Partners filed a lawsuit against Macy’s in January and alleged the retailer had misled the developer and cost it money as it prepared to purchase the downtown store. In the suit, City Center said the potential purchase deal was valued at about $50 million.

The lawsuit was recently moved from Hennepin County District Court to federal court, and Macy’s has asked for the case to be dismissed.

While the Macy’s store is planning to close in late March, some of the store’s history will be preserved. The Dayton- Hudson archive display will be moved to the Macy’s store in Southdale Center in Edina. Macy’s also has donated items including events’ displays and floor plans to the Minnesota Historical Society.

“Macy’s — and originally Dayton’s — has served the downtown Minneapolis community at this location since 1902, and we deeply appreciate the relationships we have built with generations of Minnesotans, including our customers, associates, community leaders and elected officials,” Kantor said.